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Flow-performance relationship and to...

Ma, Baoling.

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Flow-performance relationship and tournament behavior in the mutual fund industry.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	Flow-performance relationship and tournament behavior in the mutual fund industry./
Author:	Ma, Baoling.
Description:	47 p.
Notes:	Source: Masters Abstracts International, Volume: 48-06, page: 3375.
Contained By:	Masters Abstracts International48-06.
Subject:	Economics, Commerce-Business. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=1478227
ISBN:	9781124081113

Flow-performance relationship and tournament behavior in the mutual fund industry.
Ma, Baoling.

Flow-performance relationship and tournament behavior in the mutual fund industry. - 47 p.

Source: Masters Abstracts International, Volume: 48-06, page: 3375.

Thesis (M.Sc.)--Singapore Management University (Singapore), 2009.

In this paper, we interpret the flow-performance relationship as an incentive scheme implicitly given to mutual fund managers by mutual fund investors. We show that the flow-performance relationship varies not only with economic activity but also across fund attributes. We provide evidence that the degree of convexity of the flow-performance relationship has a positive effect on the magnitude of tournament behavior. Different from the conventional tournament hypothesis, we show that although the convexity of the flow-performance relationship does produce implicit incentives for fund managers to modify risk-taking behavior as a function of their prior performance, whether or not the mid-year losers increase the risk of their portfolios highly depends on the convexity degree of the flow-performance relationship.

ISBN: 9781124081113Subjects--Topical Terms:

626649
Economics, Commerce-Business.

Flow-performance relationship and tournament behavior in the mutual fund industry.
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005 20110311131540.5
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020 $a 9781124081113
035 $a (UMI)AAI1478227
035 $a AAI1478227
040 $a UMI $c UMI
100 1 $a Ma, Baoling. $3 1671621
245 1 0 $a Flow-performance relationship and tournament behavior in the mutual fund industry.
300 $a 47 p.
500 $a Source: Masters Abstracts International, Volume: 48-06, page: 3375.
500 $a Adviser: Anthony S. Tay.
502 $a Thesis (M.Sc.)--Singapore Management University (Singapore), 2009.
520 $a In this paper, we interpret the flow-performance relationship as an incentive scheme implicitly given to mutual fund managers by mutual fund investors. We show that the flow-performance relationship varies not only with economic activity but also across fund attributes. We provide evidence that the degree of convexity of the flow-performance relationship has a positive effect on the magnitude of tournament behavior. Different from the conventional tournament hypothesis, we show that although the convexity of the flow-performance relationship does produce implicit incentives for fund managers to modify risk-taking behavior as a function of their prior performance, whether or not the mid-year losers increase the risk of their portfolios highly depends on the convexity degree of the flow-performance relationship.
590 $a School code: 1583.
650 4 $a Economics, Commerce-Business. $3 626649
650 4 $a Economics, Finance. $3 626650
650 4 $a Business Administration, Banking. $3 1018458
690 $a 0505
690 $a 0508
690 $a 0770
710 2 $a Singapore Management University (Singapore). $b School of Economics. $3 1671622
773 0 $t Masters Abstracts International $g 48-06.
790 1 0 $a Tay, Anthony S., $e advisor
790 $a 1583
791 $a M.Sc.
792 $a 2009
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=1478227